The state budget takes modest steps to deliver more homes in the intransigent Sydney suburbs where people want to live the most, using a tax on construction.
“Housing is a fundamental need and foundational to a person’s quality of life,”states next to a chart showing mortgage costs, as a proportion of income, passed 30 per cent this year for the first recorded time in NSW.The government’s primary medium-term objective appears to be to make housing less expensive.
Of the $116 billion budgeted for infrastructure over four years, $78 billion is for public transport. Roads and train lines will help create new suburbs, including around the Western Sydney International Airport. Landcom, the state property developer, will get hundreds of millions to build thousands more homes too.Sydney’s urban sprawl will continue.
The money will be spent on the region in which it is raised, according to the NSW Treasury, which should create a virtuous cycle: more Sydney apartments will raise more money for more infrastructure in Sydney, which should facilitate even more housing. Nonetheless, the political reality is that buying off councils may be the least-controversial way to overcome restrictive planning rules, which have created a national housing shortage that is the primary financial concern of almost any Australian under 30.The Minns government has other options available. It could have decided to continue with the planned abolition of stamp duty on home sales.
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